CEX Liquidity Program Design
Exchanges with thin books don't get listings. The MM panel is the single biggest determinant of whether your venue is real or a website. We design the programme from the panel structure up.
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- Panel
- 2–4 MMs across spot and derivatives
- Rebate
- Negative maker, tiered by KPI
- KPI
- Spread · Depth · Uptime · Volume share
- Warm-up
- 30/60/90 day KPI ramp
Panel sizing and tier-1 vs tier-2 MMs
One MM is a single point of failure. Three is the right minimum for a credible venue. We help operators mix one tier-1 firm with two or three nimbler tier-2 desks — the depth-plus-spread combination that no single firm delivers.
Frequently asked
Does the exchange need to put inventory in?
Sometimes, on long-tail pairs. The cleanest programmes are working-capital MM mandates without exchange inventory; the more realistic ones involve some seed inventory on hard-to-quote assets.
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Live decision on the table?
Licensing, market structure, MM panel design, listings framework, or institutional onboarding — direct partner time, no pitch deck.